FEDERAL RESERVE Statistical Release H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks December 18, 2003 1. Factors Affecting Reserve Balances of Depository Institutions Millions of dollars Averages of daily figures Reserve Bank credit, related items, and Week ended Change from week ended Wednesday reserve balances of depository institutions at Dec 17, 2003 Dec 10, 2003 Dec 18, 2002 Dec 17, 2003 Federal Reserve Banks Reserve Bank Credit 731,854 + 644 + 39,300 732,769 Securities held outright 665,893 + 405 + 39,414 665,953 U.S. Treasury (1) 665,893 + 414 + 39,424 665,953 Bills (2) 244,052 + 418 + 20,295 244,113 Notes and bonds, nominal (2) 406,173 0 + 16,954 406,173 Notes and bonds, inflation-indexed (2) 13,994 0 + 1,752 13,994 Inflation compensation (3) 1,674 - 4 + 424 1,672 Federal agency (2) 0 - 9 - 10 0 Repurchase agreements(4) 25,571 - 322 - 2,608 25,000 Loans to depository institutions 37 0 - 18 50 Primary credit 5 - 8 + 5 16 Secondary credit 0 0 0 0 Seasonal credit 32 + 8 - 17 35 Adjustment credit 0 0 - 6 0 Float 905 + 149 + 1,066 2,100 Other Federal Reserve assets 39,448 + 411 + 1,445 39,665 Gold stock 11,043 0 0 11,043 Special drawing rights certificate account 2,200 0 0 2,200 Treasury currency outstanding (5) 35,447 + 14 + 912 35,447 Total factors supplying reserve funds 780,544 + 657 + 40,212 781,459 Currency in circulation(5) 713,536 + 1,749 + 38,054 716,019 Reverse repurchase agreements (6) 18,216 - 1,248 + 14 17,657 Foreign official and international accounts 17,966 - 1,498 - 236 17,657 Dealers 250 + 250 + 250 0 Treasury cash holdings 323 - 3 - 47 319 Deposits with F.R.Banks, other than reserve balances 17,919 + 582 + 703 19,742 U.S. Treasury, general account 5,622 + 648 - 337 7,455 Foreign official 89 + 9 - 59 83 Service-related 11,967 - 33 + 1,068 11,967 Required clearing balances 11,846 - 4 + 1,396 11,846 Adjustments to compensate for float 122 - 28 - 328 122 Other 241 - 43 + 31 236 Other liabilities and capital 20,833 + 35 + 630 20,666 Total factors, other than reserve balances, absorbing reserve funds 770,827 + 1,115 + 39,353 774,402 Reserve balances with Federal Reserve Banks 9,717 - 458 + 859 7,057 Memo (off-balance-sheet items): Marketable securities held in custody for foreign official and international accounts(2,7) 1,054,019 + 9,064 + 207,720 1,056,671 U.S. Treasury 841,032 + 6,743 + 155,739 842,108 Federal agency 212,988 + 2,323 + 51,983 214,564 Securities lent to dealers 1,631 - 351 + 1,480 2,081 Note: Components may not sum to totals because of rounding. 1 Includes securities lent to dealers, which are fully collateralized by other U.S. Treasury securities. 2 Face value of the securities. 3 Compensation that adjusts for the effect of inflation on the original face value of inflation-indexed securities. 4 Cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities. 5 Estimated. 6 Cash value of agreements, which are collateralized by U.S. Treasury securities. 7 Includes U.S. Treasury STRIPS and other zero coupon bonds at face value. Sources: Federal Reserve Banks and the U.S. Department of the Treasury. 2. Consolidated Statement of Condition of All Federal Reserve Banks Millions of Dollars Eliminations Change Since from Wednesday Wednesday Wednesday Assets, liabilities, and capital consolidation Dec 17, 2003 Dec 10, 2003 Dec 18, 2002 Assets Gold certificate account 11,039 0 0 Special drawing rights certificate account 2,200 0 0 Coin 762 + 8 - 273 Securities, repurchase agreements, and loans 691,004 - 3,888 + 31,552 Securities held outright 665,953 + 343 + 36,546 U.S. Treasury (1) 665,953 + 343 + 36,556 Bills (2) 244,113 + 346 + 17,431 Notes and bonds, nominal (2) 406,173 0 + 16,954 Notes and bonds, inflation-indexed (2) 13,994 0 + 1,752 Inflation compensation (3) 1,672 - 4 + 419 Federal agency (2) 0 0 - 10 Repurchase agreements (4) 25,000 - 4,250 - 5,000 Loans 50 + 18 + 5 Items in process of collection (1,173) 10,111 + 654 + 1,311 Bank premises 1,610 + 2 + 76 Other assets (5) 38,088 + 558 + 1,548 Total assets (1,173) 754,812 - 2,669 + 34,211 Liabilities Federal Reserve notes net of FR Bank holdings 681,648 + 3,124 + 36,049 Reverse repurchase agreements (6) 17,657 - 1,307 - 4,248 Deposits (0) 26,510 - 5,313 + 1,587 Depository institutions 18,735 - 7,601 + 792 U.S. Treasury, general account 7,455 + 2,293 + 860 Foreign official 83 0 - 89 Other (0) 236 - 5 + 23 Deferred availability cash items (1,173) 8,332 + 678 + 66 Other liabilities and accrued dividends (7) 2,330 - 26 - 88 Total liabilities (1,173) 736,476 - 2,844 + 33,365 Capital Accounts Capital paid in 8,839 + 15 + 463 Surplus 8,380 0 + 1,068 Other capital accounts 1,117 + 160 - 685 Total capital 18,336 + 175 + 847 Note: Components may not sum to totals because of rounding. 1 Includes securities lent to dealers, which are fully collateralized by other U.S. Treasury securities. 2 Face value of the securities. 3 Compensation that adjusts for the effect of inflation on the original face value of inflation-indexed securities. 4 Cash value of agreements, which are collateralized by U.S. Treasury and federal agency securites. 5 Includes assets denominated in foreign currencies, which are revalued daily at market exchange rates. 6 Cash value of agreements, which are collateralized by U.S. Treasury securities. 7 Includes exchange-translation account reflecting the daily revaluation at market exchange rates of foreign exchange commitments. 3. Maturity Distribution of Loans and Securities, December 17, 2003 Millions of dollars U.S. Treasury Federal agency Reverse Maturity Loans securities (1) securities Repurchase repurchase Weekly Weekly agreements(2)agreements(2) Holdings changes Holdings changes Within 15 days 31 38,268 + 8,661 0 0 17,000 17,657 16 days to 90 days 19 155,944 - 8,989 0 0 8,000 0 91 days to 1 year 0 164,208 + 676 0 0 ------ ------ Over 1 to 5 years ------ 179,071 - 1 0 0 ------ ------ Over 5 to 10 years ------ 51,315 - 1 0 0 ------ ------ Over 10 years ------ 77,149 - 1 0 0 ------ ------ All 50 665,953 + 343 0 0 25,000 17,657 Note: Components may not sum to totals because of rounding. --- Not applicable. 1 Includes the original face value of inflation-indexed securities and compensation that adjusts for the effect of inflation on the original face value of such securities. 2 Cash value of agreements classified by remaining maturity of the agreements. 4. Statement of Condition of Each Federal Reserve Bank on December 17, 2003 Millions of dollars Kansas San Assets, liabilities, and capital Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis City Dallas Francisco Assets Gold certificate account 11,039 495 4,706 380 477 808 863 982 331 224 303 507 963 Special drawing rights certificate acct. 2,200 115 874 83 104 147 166 212 71 30 66 98 234 Coin 762 27 34 40 38 87 87 92 53 24 45 142 93 Securities, repurchase agreements, and loans 691,004 32,200 309,916 20,824 31,205 51,214 44,994 67,305 20,953 14,875 17,902 26,098 53,518 Securities held outright 665,953 32,196 284,916 20,820 31,205 51,214 44,989 67,295 20,952 14,865 17,897 26,098 53,506 U.S. Treasury (1) 665,953 32,196 284,916 20,820 31,205 51,214 44,989 67,295 20,952 14,865 17,897 26,098 53,506 Bills (2) 244,113 11,802 104,440 7,632 11,439 18,773 16,491 24,668 7,680 5,449 6,560 9,567 19,613 Notes and bonds(3) 421,840 20,394 180,477 13,188 19,766 32,441 28,498 42,627 13,272 9,416 11,337 16,532 33,892 Federal agency (2) 0 0 0 0 0 0 0 0 0 0 0 0 0 Repurchase agreements(4) 25,000 0 25,000 0 0 0 0 0 0 0 0 0 0 Loans 50 4 0 4 0 0 5 10 1 10 4 0 12 Items in process of collection 11,283 920 1,102 559 896 695 900 901 525 415 681 510 3,180 Bank premises 1,610 92 189 52 151 144 278 123 44 125 55 178 178 Other assets(5) 38,088 1,761 13,478 1,119 2,410 6,209 2,191 3,534 974 1,152 897 1,068 3,294 Interdistrict settlement account 0 + 1,562 - 2,595 + 541 - 3,394 - 1,816 + 2,112 - 7,457 - 2,007 - 569 - 663 + 5,824 + 8,462 Total Assets 755,985 37,172 327,705 23,599 31,887 57,488 51,590 65,692 20,944 16,277 19,286 34,425 69,921 Note: Components may not sum to totals because of rounding. 1 Includes securities lent to dealers, which are fully collateralized by other U.S. Treasury securities. 2 Face value of the securities. 3 Includes the original face value of inflation-indexed securities and compensation that adjusts for the effect of inflation on the original face value of such securities. 4 Cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities. 5 Includes assets denominated in foreign currencies, which are revalued daily at market exchange rates. 4. Statement of Condition of Each Federal Reserve Bank on December 17, 2003 Millions of dollars Kansas San Assets, liabilities, and capital Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis City Dallas Francisco Liabilities Federal Reserve notes outstanding 801,429 38,696 327,074 29,451 33,325 60,135 66,327 67,215 23,246 15,554 21,546 39,632 79,229 Less: notes held by F.R. Banks 119,781 5,183 24,793 8,531 5,266 10,869 19,481 9,452 4,323 1,520 4,362 7,692 18,309 Federal Reserve notes, net 681,648 33,512 302,281 20,920 28,059 49,266 46,846 57,763 18,923 14,033 17,184 31,940 60,920 Reverse repurchase agreements (1) 17,657 854 7,554 552 827 1,358 1,193 1,784 555 394 475 692 1,419 Deposits 26,510 1,127 11,735 1,001 971 1,712 1,392 3,257 577 628 673 853 2,584 Depository institutions 18,735 1,124 4,059 999 968 1,639 1,390 3,253 574 627 671 851 2,580 U.S. Treasury, general account 7,455 0 7,455 0 0 0 0 0 0 0 0 0 0 Foreign official 83 2 60 1 3 7 2 3 1 1 1 1 3 Other 236 2 161 1 1 66 0 1 2 0 1 1 0 Deferred availability cash items 9,504 624 1,150 499 419 667 957 765 303 429 494 512 2,686 Other liabilities and accrued dividends (2) 2,330 131 719 94 130 264 184 229 103 87 86 115 187 Total liabilities 737,648 36,248 323,439 23,065 30,407 53,268 50,572 63,799 20,461 15,572 18,912 34,111 67,795 Capital Capital paid in 8,839 448 2,027 258 727 2,072 490 920 232 345 162 111 1,046 Surplus 8,380 436 1,809 233 702 2,073 475 858 199 340 201 186 868 Other capital 1,117 40 430 42 51 74 52 116 52 21 12 18 211 Total liabilities and capital 755,985 37,172 327,705 23,599 31,887 57,488 51,590 65,692 20,944 16,277 19,286 34,425 69,921 Note: Components may not sum to totals because of rounding. 1 Cash value of agreements, which are collateralized by U.S. Treasury securities. 2 Includes exchange-translation account reflecting the daily revaluation at market exchange rates of foreign exchange commitments. 5. Collateral Held against Federal Reserve Notes: Federal Reserve Agents' Accounts Millions of dollars Federal Reserve notes and collateral Wednesday Dec 17, 2003 Federal Reserve notes outstanding 801,429 Less: Notes held by F.R. Banks not subject to collateralization 119,781 Federal Reserve Notes to be collateralized 681,648 Collateral held against Federal Reserve notes 681,648 Gold certificate account 11,039 Special drawing rights certificate account 2,200 U.S. Treasury and agency securities pledged (1) 668,409 Other assets pledged 0 Memo: Total U.S. Treasury and agency securities (1) 690,953 Less:face value of securities under reverse repurchase agreements 17,664 U.S. Treasury and agency securities eligible to be pledged 673,289 Note: Components may not sum to totals because of rounding. 1 Includes face value of U.S. Treasury and agency securities held outright, compensation to adjust for the effect of inflation on the original face value of inflation-indexed securities, and cash value of repurchase agreements.